Summary by Moomoo AI
On February 29, 2024, SoundHound AI, Inc., a leader in voice artificial intelligence, announced its financial results for the fourth quarter and full year ended December 31, 2023. The company reported a significant 80% increase in fourth-quarter revenue, reaching $17.1 million, and an 80% improvement in adjusted EBITDA year-over-year for the same quarter. Full-year revenue also saw a substantial rise of 47%, totaling $45.9 million. SoundHound AI's net loss per share improved by 53% in Q4 and by 46% for the full year. The company's combined cumulative subscriptions and bookings backlog grew to $661 million, doubling from the previous year. SoundHound AI highlighted several business achievements, including the acquisition of SYNQ3, making it the largest voice AI provider for restaurants, and significant partnerships and product launches in the automotive and restaurant industries. The company's cash balance stood at approximately $109 million as of December 31, 2023, with a current total exceeding $200 million. Looking ahead, SoundHound AI expects full-year 2024 revenue to range between $63 to $77 million and anticipates surpassing $100 million in revenue by 2025 with positive adjusted EBITDA.
